Canon Says 1998 Profit Slid 7.8%
Amid Higher Corporate Taxes

Dow Jones Newswires

Updated Feb. 17, 1999 12:01 a.m. ET

TOKYO -- Canon Inc., the big Japanese maker of business machines, cameras and optical products, reported Monday that its consolidated net profit for the year ended Dec. 31 fell 7.8% to 109.57 billion yen ($960.7 million), its first on-year decline in five years. The company attributed the fall to a higher corporate-tax burden.